Oil products inventories in Fujairah fell by 7.9 percent in the past week to 23.721 million barrels as of Monday, 6th May, led by large declines in the gasoline and marine fuels categories, Fujairah Oil Industry Zone data released Wednesday showed.
This is the biggest week on week decline for five months, since the week of 26th November last year, although inventories had reached a record high a week ago, on 29th April.
Heavy distillates and residues stocks, including bunker fuel, dropped 12 percent week on week to 10.36 million barrels, reflecting a five-week low and the second consecutive week-on-week decline. Stockpiles of heavy products have jumped 67 percent since 31st December 2018. A Dubai bunker trader attributed the large increase to slow shipping demand for fuel because of the embargo on Qatar and sanctions on Iran.
Stocks of light distillates, including gasoline, retreated 10 percent week on week, the biggest drop in seven months, to an eight-week low of 10.774 million barrels. Middle distillates inventories, on the other hand, soared 30 percent on the week to 2.587 million barrels, the biggest weekly gain since the week of 11th March.
Despite last week’s fall, total Fujairah stockpiles are still up 37 percent since the end of 2018, with middle distillates now leading the way with a 77 percent increase. Light distillates inventories are up by 11 percent since the end of last year.
Light distillates include gasoline, naphtha and condensates that are stored in white product tanks and have an API of 45 degrees and above. Middle distillates include gasoil, diesel, marine bunker gasoil, jet fuel and kerosene. Heavy products are fuel oils used for marine bunkers and power generation.
S&P Global Platts is the official publisher of the oil stocks data, and has deployed a blockchain network for its collation.